California Solar Market Helps Cannabis Industry, Sees More Takeovers: Solar Integrated Roofing Completes Another Acquisition, Adding $5M+ to Annual Revenues
Tickers: Solar Integrated Roofing Corp (OTC PINK:SIRC) Apple Inc. (NASDAQ:AAPL) Tesla, Inc. (NASDAQ:TSLA) Aphria Inc. (NYSE:APHA) Sugarmade, Inc. (OTCQB:SGMD) Aurora Cannabis Inc. (NYSE:ACB) Tilray, Inc. (NASDAQ:TLRY) Enphase Energy, Inc. (NASDAQ:ENPH) Namaste Technologies Inc. (OTC PINK:NXTTF) (TSXV:N)
New York, NY Aug 27, 2019 – Stock Market Press is a leading financial news company that delivers up to date stock news. In today’s news we find Solar Integrated Roofing Corp’s (OTC PINK:SIRC) secures another acquisition, adding another $5M+ to the annual revenues, plus discussions on Apple Inc. (NASDAQ:AAPL) Tesla, Inc. (NASDAQ:TSLA) Aphria Inc. (NYSE:APHA) Sugarmade, Inc. (OTCQB:SGMD) Aurora Cannabis Inc. (NYSE:ACB) Tilray, Inc. (NASDAQ:TLRY) Enphase Energy, Inc. (NASDAQ:ENPH) Namaste Technologies Inc. (OTC PINK:NXTTF) (TSXV:N).
With $60M+ yearly revenues squarely in Solar Integrated Roofing Corp’s (OTC PINK:SIRC) sights, they show no signs of slowing down. This morning, another acquisition was announced, adding an additional $5M to the bottom line. More acquisitions are in the pipeline as discussed in the NASDAQ interview available here: https://youtu.be/1-bOnfys7ME .
Solar Integrated Roofing Corporation Signs Definitive Agreement to Acquire 40 Year-Old San Diego Roofing Company with $5 Million In Revenues
Solar Integrated Roofing Corporation (OTC PINK: SIRC) today announced that the company has signed a definitive agreement to acquire one of the most established roofing companies in San Diego.
David Massey, CEO of Integrated Solar, commented, “This acquisition will provide a strong foundation to our strategy to “roll-up” solar/roofing companies in the Southern California market. In addition to the $5 million per year revenue stream, the company has a valuable database of present and past clients to whom we can cross-market our solar solutions.
Massey went on to say, “the demand for electrical usage in Southern Cal has put a huge stress on the electrical grid. We are providing a solution to those electrical needs to our customers through our affordable solar solutions.”
Finally, Massey estimates that, “by cross-selling our solar solutions to the newly announced acquisitions, SIRC will see a revenue increase of 15%-20% per quarter. Our previously announced LOI’s are still scheduled to close in September.”
Growth in the California cannabis industry continues to strain the existing grid. With all the ‘unused’ roof tops across the state and the new 2020 regulation requiring new construction include solar PV on these roofs, companies like Solar Integrated Roofing Corp (OTC PINK:SIRC) are well positioned to take advantage of the next solar boom. Discussions on the NASDAQ interview regarding cannabis have Solar Integrated Roofing Corp (OTC PINK:SIRC) targeting this rapidly expanding industry and their energy needs.
The trade war with China is further helping the US solar industry. Huawei’s ‘exit’ has opened the doors to companies like Enphase Energy, Inc. (NASDAQ:ENPH), Solar Integrated Roofing Corp (OTC PINK:SIRC), Apple Inc. (NASDAQ:AAPL) and Tesla, Inc. (NASDAQ:TSLA) and others. Additionally, California has set the precedent of requiring all new construction starting in 2020 include roof top solar.
When you factor in the huge demand for electricity the cannabis industry requires, the solar market stage is set for a long growth trend. Cannabis companies are expanding rapidly to keep up with the huge demand, incurring high energy costs which eat into their profitability. Solar is among the best alternative energy sources due to the large greenhouses and production facilities providing the perfect roof top location for Solar PV installations.
Much like we are seeing in the solar marketplace, the cannabis industry is also seeing a large amount of acquisitions to meet the insatiable demand for medical as well as recreational cannabis. Aphria Inc. (NYSE:APHA) recently announced their Q2 revenues, almost 10x increase year over year. Sugarmade, Inc. (OTCQB:SGMD) is about to close on a major acquisition with the potential for $30M+ in yearly revenues. This expansion via acquisition and growth can be seen throughout the cannabis industry with companies the likes of Aurora Cannabis Inc. (NYSE:ACB) Tilray, Inc. (NASDAQ:TLRY) and Namaste Technologies Inc. (OTC PINK:NXTTF) (TSXV:N).
Namaste Technologies Provides Update on Strategic Investments
Choklat, in which Namaste (OTC PINK:NXTTF) (TSXV:N) acquired a 49% interest in March of 2019, has now completed and submitted its evidence package to Health Canada. Choklat has seen significant expansion while preparing for the legalization of edibles, with non-infused products now available in over 150 retail outlets across Canada, including an increasing number of Safeway and Sobeys’s stores in Western Canada. Choklat is making every effort to ensure that it can smoothly transition its business activities to a new facility nearby, transforming its current space into a state-of-the-art edibles processing facility.
“The submission of an evidence package to Health Canada is a major milestone for Choklat, and what we believe to be one of the first completed applications in the industry,” said Meni Morin, Interim CEO of Namaste Technologies. “Regulation changes announced by Health Canada in May require operators to have built a compliant facility before filing for a licence. By making a strategic investment in Choklat, and converting their existing facility, Choklat will be better prepared to meet these changes and go to market timeline. Pending approval from Health Canada, we anticipate production to begin immediately, potentially making Choklat one of the first to have product on the shelves.”
As can be seen, the cannabis market is still in its infancy, the next growth phase is going to be massive and solar is going to provide a huge solution to the energy needs of this growing industry. Solar Integrated Roofing Corp (OTC PINK:SIRC) can provide the Solar PV installations and companies like Tesla, Inc. (NASDAQ:TSLA) will continue to develop innovative energy storage solutions.
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